- USD/CHF trims early-Asian losses while staying above 200-HMA, three-day-old support line.
- Bulls eye weekly top amid normal RSI, bears have many challenges to pass before retaking the controls.
While breaking a downward sloping trend line from Wednesday, USD/CHF marks an uptick to 0.9150 during the early Friday. The swiss pair bounced off a three-day-old ascending trend line the previous day.
In doing so, the quote manages to keep the upside break of 200-HMA, portrayed on Monday.
Other than the resistance line break and sustained trading beyond the key HMA, USD/CHF buyers can also cheer the absence of overbought RSI conditions to probe the weekly high of 0.9192.
However, tops marked on November 04 and 02, respectively around 0.9200 and 0.9210, can restrict the USD/CHF pair’s upside past-0.9192.
Alternatively, the immediate support line near 0.9137 precedes the 200-HMA level of 0.9115 to restrict short-term declines of USD/CHF.
Also acting as an additional hurdle to the south is a horizontal area including November 4 low and November 5 high surrounding 0.9082/90.
USD/CHF hourly chart
Trend: Further recovery expected
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